The
Reserve Bank of India today released the first Report
on Oversight of Payment Systems in India. This
being the first report, the assessment of the various payment systems is broad
based. The introductory chapter briefly gives the role of central banks in oversight
and also highlights the importance of retail payment systems and the developmental
role played by the central banks in improving and bringing in safety and efficiency
in the retail payment systems. Detailed assessment of the Systemically Important
Payment Systems has been made against the international standards published by
the Committee on Payment and Settlement Systems (CPSS), Bank for International
Settlements (BIS) subsequently. The
detailed assessment of the Large Value Payment Systems, viz., paper based High
Value Clearing, Real Time Gross Settlement (RTGS) System, Forex Clearing and Settlement
has been made against the international standards – Core Principles for Systemically
Important Payment Systems. The Government Securities Clearing has been assessed
vis-à-vis the Recommendations for Securities Settlement Systems. The clearing
operations for the Government Securities and Forex are performed by the Clearing
Corporation of India Limited (CCIL) which also acts as the central counterparty
(CCP) for these segments. The assessment of the CCP has been made against the
Recommendations for Central Counterparties. The
Report also briefly highlights the steps already initiated by the Reserve Bank
of India for ensuring smooth operations of the payment systems in vogue. The measures
for sound oversight framework have also been enunciated in the Report.
Alpana Killawala Chief General Manager Press
Release : 2007-2008/725 |
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